Indonesia’s Fuse closes Series B funding led by GGV Capital
By Digital News Asia August 13, 2021
- First Insurtech in Indonesia to pioneer agent-focused model to solve last mile trust gap
- Total Gross Written Premium (GWP) exceeded $50 mil in 2020
Fuse, Indonesia’s largest insurtech company, has announced the completion of its undisclosed Series B funding round led by GGV Capital.
Fuse claimed to be the first Insurtech in Indonesia to pioneer the agent-focused model in a bid to solve the country’s last mile trust gap, the company said in a statement.
Existing investors including East Ventures (growth fund), SMDV, Golden Gate Ventures, Heyokha Brothers and Emtek, all of which also participated in this funding round.
The sum raised will be used to innovate products and platforms and expand into other markets in Southeast Asia, Fuse said.
Fuse was founded in 2017 by two industry veterans, Andy Yeung and Ivan Sunandar and supported by a diverse team from both technology and insurance backgrounds.
It seeks to address the trust concerns of 97% of Indonesians who are still uninsured, it said.
Offering entire digital experiences with instant closing and rapid claims processing, the company claimed to have currently more than 50,000 agent partners on its platform.
Its total Gross Written Premium (GWP) exceeded $50 million (RM211.7 million) in 2020, making it the largest Insurtech company in Indonesia, Fuse said.
“We have been very focused on product and platform innovation and will continue to invest into developing products and platforms that make insurance accessible and affordable for everyone in Southeast Asia,” said Andy Yeung, founder and chief executive officer (CEO) of Fuse.
Yeung added that seven insurance companies have already chosen Fuse to be their strategic insurtech partner in Indonesia.
“We will expedite to replicate our successful experience on agent partner and micro-insurance model to other parts of Southeast Asia, on top of Indonesia and Vietnam,” he said.
According to Jenny Lee, GGV Capital’s managing partner, Fuse is GGV Capital’s first insurtech investment in Southeast Asia.
"We believe it has the most thoughtful and strategically-sound approach to insurance distribution in the region. Our experience in other emerging markets suggests that there is a 'trust deficit' in local communities that can be bridged by local leaders,” said Lee.
Despite the Covid-19 pandemic and a challenging year for businesses globally, Roderick Purwana, managing partner of East Ventures said, “We were excited to see Fuse grow more than 250% annually to exceed US$50 million (RM211.7 million) in gross written premium (GWP).”
He added that East Ventures is confident that Fuse will grow even stronger in 2021 and beyond, and are committed to supporting the company to replicate its success in other Southeast Asia countries.
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